Watani Iron Steel opens nomination for BOD membership

Watani Iron and Steel Company announced on Wednesday to the shareholders that it has opened the door for candidacy for membership of the Board of Directors of the company for the new term of three years, which begins on July 2, 2023 and ends on July 1, 2026.

Gentlemen wishing to nominate themselves for membership of the Board of Directors, who meet the conditions and criteria for membership, must submit applications for their candidacy within the specified period and in accordance with the details contained in this announcement. The candidacy will be in accordance with the provisions contained in the Companies Law and its implementing regulations issued by the Ministry of Commerce and the Corporate Governance Regulations issued by the Capital Market Authority, in addition to the company’s articles of association and the policies and criteria for membership of the Board of Directors. The Board of Directors will be elected for the new session at the next General Assembly meeting, which will be announced later after obtaining the necessary approvals from the competent authorities.

The candidate must fulfill the conditions for candidacy for membership of the Board of Directors contained in the relevant laws and regulations and the general conditions for membership of the Board of Directors of the company that will be on 12.04.2023, and will end on12.5.2023, and he must comply with the following:

1. To meet the conditions, standards and procedures necessary for membership of the Board of Directors

2. Submitting a written candidacy application to the company indicating his desire to run (attached) within the period specified in the advertisement.

3. Fill in and submit Form (1) CV in Arabic and English

4. Fill in and submit Form No. (3) issued by the Capital Market Authority (attached), which can be obtained from the Capital Market Authority website at the following link: https://cma.org.sa/RulesRegulations/FormsSite/Pages/default.aspx

5. An introduction to the candidate including his resume, qualifications, experience, contact numbers and e-mail attached with a personal photo, copies of qualifications and experience certificates, and submission of all documents and certificates supporting what was stated in the candidacy application.

6. Attach a clear and valid copy of the national identity card as well as a copy of the family register, a copy of the passport for non-Saudis, or a copy of the commercial register for the legal entities that wish to nominate representatives.

7. That the candidate for membership of the Council should not have been previously convicted of a crime affecting honor and trust, and not be insolvent or bankrupt or become unfit for membership of the Council in accordance with any system or instructions in force in the Kingdom

8. That the candidate for membership of the Board adhere to the principles of honesty, trustworthiness, loyalty, care and concern for the interests of the company and the shareholders, prioritizing them over his personal interest.

9. The candidate should not be a member of the boards of directors of more than five joint-stock companies listed in the Saudi Stock Exchange at the same time.

10. In the event of a nomination for membership of the Board as an independent member, any of the cases that contradict independence must not apply to him in accordance with the regulations of the Capital Market Authority

11. Voting in the General Assembly, whose date will be determined later, will be limited to those who have nominated themselves for membership of the Council in accordance with the terms and criteria for candidacy